DJS (UK) trading as PiggyBank has entered administration. The company provided high-cost short term (payday) lending services to the UK consumer market.

The company is thought to have had around 45,000 customers and was seen as one of the UK’s top 10 largest payday lenders.

Shane Biddlecombe and Gordon Johnston of HJS have been appointed as joint administrators. The joint administrators will conduct an orderly wind-down of the business and seek to recover the assets of the company for the benefit of its creditors.

PiggyBank was forced to stop trading in July after the Financial Conduct Authority (FCA) raised concerns about poor affordability checks.

The company’s failure comes after CashEuroNet, collapsed in October, taking its brands QuickQuid and On Stride off the market. Payday lender, 247MoneyBox, was also put into administration in November.